Nov 07, 2024 (Baystreet.ca via COMTEX) --
After Donald Trump won the Presidential elections, the Dow Jones added an astounding 1,508 points to gain 3.57% on Wednesday. Nasdaq (QQQ) and S&P 500 (SPY) also added 2.95% and 2.53%, respectively.
Buying the U.S. Dollar index (DXY) is the most significant winning trade. Conversely, avoid gold. Gold Shares ETF (GLD) lost 3% while Coinbase (COIN) gained 31.11%. President Trump and Vice President Vance are supportive of cryptocurrencies. Naturally, Mara Holdings (MARA) and Riot Platforms (RIOT) gained 18% and 26% yesterday, respectively.
Stocks to Avoid
Cannabis stocks sold off yesterday and may continue to do so. Markets viewed the Democrats as supportive of the industry. Canopy Growth (CGC) and Trulieve (TCNNF) are among the stocks to avoid. TCNNF stock listed 38% yesterday.
The bond market has serious selling pressure ahead. Stock markets are bracing for the U.S. government to continue spending more. They need to fund the costs by selling more U.S. Treasury bills. The 20+ Year Bond ETF (TLT) is at risk of falling below $90.00. If it stays at that level, the next support zone is $87 - $89.
Bank stocks are the winning sector. JPMorgan Chase (JPM), for example, gained 11.54% on Wednesday. Stock markets are betting that the economy will heat up, creating more deals for the financial services industry.
COMTEX_459562437/2559/2024-11-07T09:27:31
